Jamie Dimon Regrets Dismissing Bitcoin as a "Fraud"

Adjust Comment Print

In addition to softening his stance on Bitcoin, Dimon reaffirmed his faith in the technology behind digital currencies - he stated that "the blockchain is real", and can even lead to "crypto yen and dollars".

Initial coin offerings, however, "you have to look at individually", he said in the interview. The price of bitcoin, the most ubiquitous of the currencies, has more than tripled to US$14,297 since Dimon made his comments in September.

"You're going to see companies doing things in the short run like increasing wages and a bunch of stuff like that, or one-time bonuses", Dimon told FOX Business' Maria Bartiromo on "Mornings with Maria". The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. "I just have a different opinion than other people".

Since Dimon's initial comments, two large USA exchange groups have launched platforms on which investors can trade futures contracts in the cryptocurrency.

"The only value of bitcoin is what the other guy'll pay for it", Dimon said during a discussion at an Institute of International Finance conference in October. In an interview previous year, the banking executive said that investors "stupid enough to buy it" will "pay the price for it" eventually.

A computer screen displays a site featuring cryptocurrency token sales and ICO lists in Berlin
AFP 2017 John MACDOUGALLIn For a Penny In For a Gram Telegram Poised to Launch Native Cryptocurrency

After Dimon made his initial derogatory comments earlier a year ago there was an internet backlash, including a Bitcoin company accusing him of market manipulation.

Dimon said cutting the corporate rate will create jobs, boost incomes and create competition in America.

While Dimon is still not interested in the subject of bitcoin, he is all praise for the blockchain technology.

It seems Dimon is becoming a believer, slowly.

Bitcoin was down almost 2 percent at $14,786 in early trading on Tuesday.

Bill Belichick 'absolutely' intends to coach the Patriots next season
The ESPN story highlighted purported disputes concerning Brady's personal body coach, Alex Guerrero, in player-medical affairs. The story implied Brady has taken issue with a lack of praise from Belichick this season. "That's where my total focus is".

Comments